Our History
In 1955 Andrew A. Fasken, Robert Murray Fasken and William B. Neely founded The Fasken Foundation. With twenty shares of Midland National Bank stock as beginning capital and a mission statement to include college scholarships for students residing in Midland, Texas, the operation of The Fasken Foundation began.
In 1969 Helen Fasken House left her estate to the Foundation requesting that revenue be used for Midland public school graduates to attend Texas colleges. This bequest allowed the Foundation to increase the number of scholarships awarded. Schools included Midland and Lee High Schools, Garden City High School, Greenwood High School and Fort Stockton High School. In 1976 the Foundation created the Top Five program at Midland College which was open to students graduating in the top five percent of their class within a one hundred mile radius of Midland. In 1978 Ruth W. Shelton left fifty percent of her estate to the Foundation. This infusion of funds again allowed the Foundation to increase the parameters for nonprofit gifting.
The majority of the Alma Ruth Mallison estate was bequeathed in 1984 making possible further expansion and increase of gifting which continues to help fund various grant requests today. In 1985 Howard M. Johnson left his entire estate to the Foundation. Mr. Johnson stated he admired the Foundation’s direction and with his gift he wished to give back to the Permian Basin. Thousands of students and hundreds of charities have benefited through the years as a result of these generous gifts. During the years to follow the Foundation has been able to expand charitable giving to many nonprofit organizations in other areas encompassing education, health and human services, humanities and children’s art/music educational programs.
The Fasken Foundation has awarded grants totaling more than $40 million to 501(c)3 charitable organizations, and has given more than $8 million in scholarships to students of the Permian Basin and elsewhere. The Foundation is proud to have awarded over $40 million benefitting citizens of West Texas and beyond. The Board of Directors is pledged to honor the original intent of the Founders while continuing to expand horizons paralleling the growth of the Foundation and the community in which it resides.